The relative driver – New Video!
In this short video we look at the relationship between the 10-year U.S. Treasury Yield stall and the relative performance of the cyclicals...
Read MoreApril Macro Slide Deck
The economic recovery fueled by excess liquidity and driven forward by increased vaccinations has begun to accelerate, judging from the most recent manufacturing and payroll data.
Read MoreImpact on EPS of 28% corporate tax rate
As a reminder, in Answering key Fed and market questions in mid-March we highlighted the likely impact on 2021 S&P operating EPS estimate if the corporate tax rate rises…
Read MoreQuarter end feels strange
There are some interesting influences and frustrations from the recent quarter end activity. The popular narrative is the economy is set to boom, but the areas that would typically…
Read MoreInterest expense stimulus still in play
The major market indices may be at or near all-time highs, but under the surface the “rotation sensation” of rolling 5-10% corrections has been playing out. Beginning with the…
Read MoreCorrection discussion
Corrections are only considered "natural, normal, and healthy" until you are in one. This is no different and like first half of 2004 and 2010...
Read MoreTactical Tuesday video update
We wanted to update the Russell 1000 Growth vs. Value call from early this month...
Read MoreRelative downgrade of Financials video
We discuss an out of consensus view suggesting a near-term peak in the 10-year U.S. Treasury Yield, and what that means for Financials (Banks)...
Read MoreRelative downgrade of Financials
This is not a complicated call — the rise in the 10-year has likely seen an intermediate-term rate of change peak, and since that rise has driven the Financials…
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